Question 1

Why is GBP often stronger than USD?

Accepted Answer

Historically, GBP has been stronger, but exchange rates reflect relative economic conditions, not absolute strength.

Question 2

What is Cable in forex?

Accepted Answer

Cable is trader slang for GBP/USD, named after the transatlantic telegraph cable that transmitted rates.

Question 3

How often should I check exchange rates?

Accepted Answer

For large transactions, check rates multiple times per day as they fluctuate constantly. For small amounts, daily rates are usually sufficient.

Question 4

What affects currency conversion fees?

Accepted Answer

Banks typically add 2-4% markup on exchange rates. Credit cards may charge foreign transaction fees. Currency exchange services often have the worst rates.

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